League’s Blau Testifies Before State Senate Committee in Support of CDFI Measure

League Chief Advocacy Officer JT Blau testified Wednesday in support of a CDFI bill before a state Senate committee. SB1320 codifies the Virginia Community Development Financial Institutions Fund, originally created in the 2021 Appropriation Act, and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.

The Program would provide grants and loans to community development financial institutions and other similar entities for the purpose of providing financing to small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth.

The bill passed the Senate’s General Laws and Technology Committee and was referred to the Senate Finance and Appropriations Committee for consideration.

Credit unions have consistently demonstrated their commitment to serving the underserved and being a strong advocate for community development. The CDFI program shares these core tenants, and if passed, this legislation would help drive those priorities.

Blau noted the role Virginia’s CDFI credit unions play in this initiative and the League’s support of CDFIs and this legislation. The League will continue to advocate for this measure's passage as it moves through the legislative process.

Related: League Co-Hosts CDFI Awareness Event for Lawmakers